Kia ora and welcome to your Tuesday summary of global business and political news.
First up, US President Donald Trump confirmed talks with Iran would continue after Israel and Hezbollah agreed to stop attacking each other in Lebanon. He attempted to calm tension after Iran said it would stop ceasefire talks, Bloomberg reported.
Earlier, Iranian officials warned that Israel’s attacks on Lebanon and ongoing hostilities in Gaza threatened to derail the negotiations with the US, Al Jazeera said. Foreign Minister Abbas Araghchi suggested the Israeli invasion in Lebanon and strikes on the country violated the ceasefire.
But Trump said negotiations with Iran were continuing at a “rapid pace”.
US Central Command said it launched "self-defence strikes" and had hit Iranian radar sites, while Tehran said it had responded by targeting an air base used by American forces, the BBC said.
In business news, Nvidia has revealed new AI chips that would bring advanced functions to home laptops and desktop computers. Chief executive Jensen Huang described the new development as reinventing the PC, the AP and Reuters reported.
Huang unveiled Nvidia’s RTX Spark superchip, which combined a central processing unit and graphics processing unit that would power new Microsoft Windows laptop and desktop computer models later this year.
Sam Altman.
Florida has filed legal action against OpenAI and chief executive Sam Altman, alleging they knew ChatGPT was not safe, especially for children, CNN reported.
“Sam Altman and ChatGPT have chosen the AI race over the safety and security of our kids. They have chosen profit over public safety, and we’re not going to stand for it here in Florida,” attorney general James Uthmeier said.
The lawsuit accused OpenAI of deceptive and unfair trade practices, negligence and violating product liability laws.
Meanwhile, global money transfer service Wise is being investigated over suspicions criminals used its accounts for money laundering, the BBC reported.
The Bureau of Investigative Journalism said the company's platforms were suspected of being involved in about €500 million worth of suspicious transactions in 30 European countries.
"The findings primarily concern the use of Wise accounts for criminal purposes, with indications of non-compliance with anti-money laundering legislation, particularly due to a failure to identify customers and their activities," the Brussels prosecutor office said.
Wise said it was working to respond to queries about its business.
Elsewhere, Hungarian Prime Minister Peter Magyar said his government would launch legal proceedings to dismiss President Tamas Sulyok if he refused to resign, Reuters and CNN said.
Magyar’s party ousted Prime Minister Viktor Orban in April and promised to remove several figures appointed by Orban to key public positions over the last 16 years. Magyar had called on Sulyok to step down, accusing him of failing to represent national unity on major issues.
Jerome Powell.
Former Federal Reserve chair Jerome Powell cautioned that attempts by the US government to put more political pressure on the central bank could damage public confidence in its independence, CNBC reported.
Powell’s term as chair finished last month, but he stays on as a governor.
“If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” Powell said.
“The public would lose faith that the central bank will make decisions based only on what’s best for all Americans. It is essential that we preserve what is good about these institutions, even as we strive to improve them.”
Finally, developments at Nvidia helped boost the S&P 500, while oil prices also rose amid the Iran news. Earlier, the S&P 500 gained 0.5%, while the Nasdaq Composite rose 0.7%, and both reached intraday highs, CNBC reported.
